Bank of America has reached a $72.5 million (£54.6 million) settlement in a lawsuit brought on behalf of victims of Jeffrey Epstein, who had accused the bank of facilitating his sex trafficking operation.
The proposed class-action lawsuit was filed in October by a Florida woman who claims she was abused by Epstein on at least 100 occasions between 2011 and 2019 and held two accounts at Bank of America at the direction of his business team. It alleged that the bank had a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims.
In its court documents, Bank of America stated that the settlement is no admission of liability or wrongdoing on its part. The details of the settlement were revealed after documents were filed in a New York federal court, awaiting a judge's approval.
Sigrid McCawley, a lawyer for the victims, remarked that the resolution represents one more step on the road to much deserved justice.
This settlement is the third such financial agreement by a major bank, following JP Morgan Chase's $290 million payout and Deutsche Bank's $75 million agreement.
The lawsuit, initiated by a Jane Doe, cites a record of incredibly alarming and erratic banking behavior in her accounts used by Epstein's team. She claims to have met Epstein in Russia in 2011 and was subjected to control and sexual abuse by him until his death in August 2019, which she described as her ultimate escape.
Additionally, the case points to over $150 million paid to Epstein by billionaire Leon Black, co-founder of Apollo Global, for purported tax and estate planning advice, via his Bank of America account. Black denies any wrongdoing and was questioned in connection with the case last week.
Prior to the settlement, Bank of America urged the court to dismiss the lawsuit, asserting that it provided routine services to individuals with no known links to Epstein, labeling the complaint as threadbare and meritless.
In a statement, Bank of America reiterated its stance that it did not facilitate sex trafficking crimes, yet acknowledged that the agreement allows the matter to be put behind them while providing closure for the plaintiffs.}
The proposed class-action lawsuit was filed in October by a Florida woman who claims she was abused by Epstein on at least 100 occasions between 2011 and 2019 and held two accounts at Bank of America at the direction of his business team. It alleged that the bank had a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims.
In its court documents, Bank of America stated that the settlement is no admission of liability or wrongdoing on its part. The details of the settlement were revealed after documents were filed in a New York federal court, awaiting a judge's approval.
Sigrid McCawley, a lawyer for the victims, remarked that the resolution represents one more step on the road to much deserved justice.
This settlement is the third such financial agreement by a major bank, following JP Morgan Chase's $290 million payout and Deutsche Bank's $75 million agreement.
The lawsuit, initiated by a Jane Doe, cites a record of incredibly alarming and erratic banking behavior in her accounts used by Epstein's team. She claims to have met Epstein in Russia in 2011 and was subjected to control and sexual abuse by him until his death in August 2019, which she described as her ultimate escape.
Additionally, the case points to over $150 million paid to Epstein by billionaire Leon Black, co-founder of Apollo Global, for purported tax and estate planning advice, via his Bank of America account. Black denies any wrongdoing and was questioned in connection with the case last week.
Prior to the settlement, Bank of America urged the court to dismiss the lawsuit, asserting that it provided routine services to individuals with no known links to Epstein, labeling the complaint as threadbare and meritless.
In a statement, Bank of America reiterated its stance that it did not facilitate sex trafficking crimes, yet acknowledged that the agreement allows the matter to be put behind them while providing closure for the plaintiffs.}
